1. The purchase of Class A Common Stock reported herein by the reporting person may be matchable under Section 16(b) of the Securities and Exchange Act of 1934, as amended, with the sale of shares of Class A Common Stock which occurred in the past six months. Prior to this purchase, W. Keith Maxwell has agreed to pay Spark Energy, Inc. the full amount of the profit realized in connection with the short-swing transaction as soon as practicable after information is available for the highest sales price and lowest purchase price during the six month period in which this transaction occurs.

2. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $11.95 to $12.39, inclusive. The reporting person undertakes to provide to Spark Energy, Inc., any security holder of Spark Energy, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

3. Held directly by Retailco, LLC ("Retailco"). Retailco is a wholly-owned subsidiary of TxEx Energy Investments, LLC, which is wholly owned by W. Keith Maxwell.

Remarks:

/s/ W. Keith Maxwell III,
by Gil Melman, Attorney-in-fact

12/19/2017

/s/ Retailco, LLC, by Gil Melman, Attorney-in-fact

12/19/2017

/s/ TxEx Energy Investments, LLC, by Gil Melman, Attorney-in-fact

12/19/2017

** Signature of Reporting Person

Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person,
see
Instruction
4
(b)(v).